XRP Price Rebound Stalls, New Downside Threats Start Building
XRP price started a decent increase above $1.420. The price is now correcting gains and might aim for more gains if it stays above the $1.40 zone.
- XRP price started a fresh increase above the $1.420 zone.
- The price is now trading above $1.40 and the 100-hourly Simple Moving Average.
- There was a break above a bearish trend line with resistance at $1.420 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $1.450.
XRP Price Corrects Gains
XRP price started a major upward move above $1.40 and $1.420, like Bitcoin and Ethereum. The price gained pace for a clear move above the $1.4350 resistance.
The bulls even pumped the price above the $1.450 zone. There was a break above a bearish trend line with resistance at $1.420 on the hourly chart of the XRP/USD pair. A high was formed at $1.4650 and the price started a downside correction. There was a move below $1.450 and $1.4350. The price dipped below the 50% Fib retracement level of the upward move from the $1.3613 swing low to the $1.4650 high.
The price is now trading above $1.40 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.4250 level. The first major resistance is near the $1.4650 level, above which the price could rise and test $1.50.
A clear move above the $1.50 resistance might send the price toward the $1.5250 resistance. Any more gains might send the price toward the $1.550 resistance. The next major hurdle for the bulls might be near $1.60.
More Downside?
If XRP fails to clear the $1.4250 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.40 level. The next major support is near the $1.3780 level.
If there is a downside break and a close below the $1.3780 level, the price might continue to decline toward $1.3550. The next major support sits near the $1.3220 zone, below which the price could continue lower toward $1.3050. Any more losses might call for a test of $1.30.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $1.4000 and $1.3780.
Major Resistance Levels – $1.4250 and $1.4650.
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